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BMAL 590-Foundations of Marketing EXAM TEST QUESTIONS AND ANSWERS VERIFIED LATEST UPDATE (A PASS) $13.99
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BMAL 590-Foundations of Marketing EXAM TEST QUESTIONS AND ANSWERS VERIFIED LATEST UPDATE (A PASS)
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BMAL 590-Foundations of Marketing EXAM TEST QUESTIONS AND ANSWERS VERIFIED LATEST UPDATE (A PASS) What is marketing? - Answers - It is involved in designing products that customers will enjoy, pricing them appropriately, making them available for purchase at easy points of access in the marketpl...

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  • November 1, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • BMAL 590
  • BMAL 590

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BMAL 590-Foundations of Marketing
EXAM TEST QUESTIONS AND
ANSWERS VERIFIED LATEST UPDATE
(A PASS)
What is marketing? - Answers -✔✔ It is involved in designing products that customers
will enjoy, pricing them appropriately, making them available for purchase at easy points
of access in the marketplace, and advertising the products' benefits to the customers.

5 C's - Answers -✔✔ customer, company, context, collaborators, competitors

STP - Answers -✔✔ Segmentation, Targeting, Positioning

4 P's - Answers -✔✔ Product, Price, Place, Promotion

How is marketing an exchange relationship? - Answers -✔✔ The customer seeks
benefits from the company and expects to pay.

The company offers benefits to its customers and seeks profits.

Why is marketing important? - Answers -✔✔ Enriches society, can be entrepreneurial,
expands global presence, strengthens channel relationships

Marketing has evolved from a function to an organization-wide philosophy

The marketing world is a truly customer-oriented and customer-empowered world where
the goal is to build and maintain relationships with the customer

What is a market? - Answers -✔✔ The aggregate of all people or organizations who
have a need for, or want, a product or class of products and have the money to pay for
them. It is sometimes used to mean a place, real or virtual, where buyers and sellers
meet to buy or sell goods

Markets may be segmented by characteristics of the buyer

What is the classical marketing concept? - Answers -✔✔ A philosophy which guides
the attitude of everyone in a firm to stimulate and satisfy the needs and wants of every
customer

What is a competitive marketing strategy? - Answers -✔✔ It involves product strategy,
pricing strategy, integrated marketing communications, channels, and logistics strategy.

,It needs to offer value to the target market, that is defined by marketing, so that the
business may focus on those selected markets

5 C's (expanded) - Answers -✔✔ Customers: Who are they? What are they like? Do
we want to draw different customers?

Company: What are our strengths and weaknesses? What customer benefits can we
provide?

Context: What is happening in our industry that might reshape our future business?

Collaborators: Can we address our customers' needs while strengthening our business
to business (B2B) partnerships?

Competitors: Who are the competitors we must consider? What are their likely actions
and reactions?

STP (expanded) - Answers -✔✔ Segmentation: Customers aren't all the same; they
vary in their preferences, needs, and resources.

Targeting: Attracting some of those customers makes better sense than going after
others.

Positioning: Communicate your benefits clearly to your intended customers.

4 P's (expanded) - Answers -✔✔ Product: Will customers want what your company is
prepared to produce?

Price: Will customers pay what you would like to charge?

Place: Where and how will customers purchase your market offering?

Promotion: What can you tell your customers, or do for them, to entice them to
purchase?

Customer behavior - Answers -✔✔ The way customers select, purchase, use, and
dispose of goods, services, ideas, or experiences to satisfy their needs and desires

Business-to-customer (B2C) - Answers -✔✔ (Customer involvement: low) Convenience
purchases: Staples (standard, frequently consumed goods such as bread or gas) and
impulse purchases (candy or National Enquirer available near the check-out stand).

(Customer involvement: moderate) Shopping purchases: Going online to
Citysearch.com to find a restaurant and make reservations when heading out of town.

, (Customer involvement: high) Specialty purchases: A new car, fashion shows, an
expensive laptop computer.

Business-to-business (B2B) - Answers -✔✔ (Customer involvement: low) Straight
rebuy: You're out of toothpaste and you mindlessly pop a tube of your usual brand into
your basket.

(Customer involvement: moderate) Modified rebuy: You reach for your brand of
toothpaste but you try a new flavor.

(Customer involvement: high) New buy: You're buying teeth whitening strips for the first
time and think what attributes must you consider.

Types of Shopping: Customer Involvement - Answers -✔✔ It's not the type of product
or purchase that matters. It's the type of customer behavior (consumer or business level
of involvement) that is relevant and the marketing actions and reactions.

Customer involvement - Answers -✔✔ Low customer involvement: Customers don't
care and won't spend time thinking about brands. They will typically be somewhat price
sensitive.

Moderate customer involvement: Some effort is expended prior to purchase to obtain
good value.

High customer involvement: For expensive purchases, brand, uniqueness and quality
matter.

Buying Process - Answers -✔✔ The steps consumers go through when buying a
product or service

1. Identify needs/wants
2. Search for alternative solutions
3. Evaluate alternatives
4. Purchase
5. Evaluate post-purchase

Consumer buying - Answers -✔✔ People buying something for themselves or their
household

Business customer - Answers -✔✔ A business customer is an agent buying something
on behalf of an organization.

Models of how buyers make decisions - Answers -✔✔ 1. Lexicographic method
2. Average method
3. Use attribute importance

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